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MARQETA ANNOUNCES FIRST AUSTRALIAN TRANSACTIONS, CONTINUING ITS RAPID GLOBAL EXPANSION

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MARQETA

The US-based modern card issuing platform is launching in Australia in partnership with two of its existing major global customers, Klarna and Doordash

 

Marqeta, the global modern card issuing platform, announced today that it has begun transacting in Australia, where it will be supporting two of its major global customers, Klarna and Doordash with their own expansions into the country.

 

Australia is the first Asia-Pacific market that Marqeta has entered, following its announcement last October that it is certified to process payments in 10 countries across APAC in partnership with Visa. Marqeta’s first live Australian transactions took place in early January.

 

According to JP Morgan, Australia has the highest penetration of traditional bank accounts in APAC, while also experiencing a rapid rise in digital payments. According to the Reserve Bank of Australia, the average Australian made more than twice as many electronic payments in 2019 as they did 10 years ago, with double-digit growth predicted in mobile wallet payments in the next five years,[1] with 58 percent of the country already engaging with new fintechs.[2]

 

“We love working with Marqeta. Their ability to work at speed, cut through complexity and always have the end consumer experience at heart perfectly matches how we work at Klarna. Our close collaboration in bringing an entirely new product offering and shopping experience to the Australian market in record time has been a big success. The positive reaction of Australian consumers is evident in just how many are downloading and using the app and virtual card each day,” says Koen Köppen, CTO at Klarna.

 

Australia represents a new addition to Marqeta’s increasingly global footprint. Marqeta announced in December that it has issued more than 140 million cards in the United States and would qualify as a top 25 US debit card issuer as a standalone platform. Marqeta operates in Canada, as well as Europe, where it launched in 2018 and is already powering more than a dozen new customers.

 

“Card issuing is on its way to being an $80 trillion global opportunity by 2030, and Marqeta is perfectly positioned to take advantage of this over the coming years. We have a commitment to providing our customers with a single global platform to help them easily expand internationally, and it’s rewarding to see our customers take advantage of the possibilities this provides them,” said Jason Gardner, founder and CEO of Marqeta. “The Australian market relies heavily on card spending and is digitizing rapidly. It is a market that was important to our customers and where we saw a lot of potential for Marqeta technology to help revolutionize customer experiences in payments.”

 

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TINTRA PLC FINALISES JOINT VENTURE WITH ARTIFICIAL INTELLIGENCE PARTNER TO BUILD INDUSTRY CHANGING REGULATORY TECHNOLOGY

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Innovative fintech company, Tintra PLC(https://tintra.com/), has formed a joint venture with award-winning Artificial Intelligence and Machine Learning business, TMC2, via its subsidiary Finsensr.

The Joint Venture will utilise or create advanced, end-to-end AI tech – some already patented – to revolutionise how compliance between developed and emerging market economies works. This exciting tech stack includes the utilisation of lightning-fast large scale predictive modelling and semantic embeddings of financial data; together with the development of scalable efficient solutions based on customised shallow classifiers, deep learning, and Bayesian inference for robust and explainable predictive modelling.

Tintra is focused on enabling financial institutions, EMI’s, multi-nationals, and large corporates in the emerging world to gain access to banking systems that understand their geographic need. Using pioneering payments technology and compliance infrastructure will evolve the global banking industry. Where other fintech’s iterate, Tintra will innovate across the space.

In forming a joint venture with TMC2 – the team behind Mashtraxx, the AI engine being used to power a multi-billion dollar US based social media platform – Tintra aims to eliminate or radically improve the well documented emerging market issues of KYC & AML. The mission is to utilise these solutions to democratise financial regulation and level the playing field for all markets and make access to the global market place as seamless in Africa or Asia as it is in Europe or the United States.

 

Gary Wright, lead for TMC2 in the transaction stated, said “We are extremely excited to enter into this long-term partnership with Tintra to support the expansion of its business through the use of our leading-edge artificial intelligence. 

Our in-house team includes PHDs in Artificial Intelligence & Machine Learning. A Senior Executive Team with experience in the financial sector across financial services, Technology, Corporate banking, Investment management, Fund Management, and transaction services. With our key personnel gaining experience in institutions including Sungard, Mann Group, Royal Bank of Scotland, M&G, Prudential, Simplex Technology amongst a host of others

We are setting out to create the next generation of intelligent automated AI RegTech that we are confident will help power another billion-dollar unicorn, like Mashtraxx before it. We hope that this will revolutionise how the financial services industry fulfils the complex demands of KYC and AML compliance and regulatory legislation”

Tintra PLC is publicly listed on the AIM market of the London Stock Exchange and also available on the OTCQB Venture Market in New York.

In early November 2021, the PLC unveiled plans to raise additional capital to accelerate its growth strategy.

 

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CELLPOINT DIGITAL PARTNERS WITH VYNE TO ENABLE INSTANT OPEN BANKING PAYMENTS FOR MERCHANTS

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The partnership will allow CellPoint Digital customers to incorporate Vyne into its payment ecosystem and access instant payments without a need for direct integration.

 

Payment orchestration leader CellPoint Digital today announces a partnership with full stack account-to-account (A2A) payments specialist, Vyne. This partnership allows the Vyne platform to offer instant payments to CellPoint Digital’s merchant customers, allowing users to check-out faster than ever before and reducing merchant transaction costs.

Through CellPoint Digital’s Velocity Payment Orchestration Platform, merchants can easily incorporate Vyne into their payment ecosystem, providing all the speed and convenience of instant payments without the need for a direct integration with an open banking provider. With transactions intelligently routed and monitored in real-time, merchants can analyse performance and use data to cut costs, boost acceptance rates, and simplify operations via automated reconciliation.

By partnering with Vyne, CellPoint Digital’s merchants can now access improved payment experiences too. Harnessing open banking technology, the Vyne solution allows online shoppers to check out in as few as three clicks and offers settlements within seconds.

 

CellPoint Digital CEO, Kristian Gjerding, said: “The partnership with Vyne represents a significant addition to CellPoint’s payments offering. Merchants currently using our Velocity Payment Orchestration Platform can utilise all the benefits of the Vyne platform within their payments ecosystem and this will provide merchants with a greater opportunity to grow their business.

“At CellPoint, we put much stock into our partnerships. To us, they are more than simply functional and with Vyne being fellow innovators in the payments space with a track-record of supplying top tier merchants, we look forward to developing a long-lasting, collaborative relationship.”

The Vyne solution functions by using a customer’s existing online banking app to initiate and authenticate a transfer. As a result, the customer does not need to enter their account information online and sensitive financial details are never held by the merchant, resulting in a more secure process for both parties. By enabling a payment method that can be completed in just three clicks, the platform provides a simple and seamless experience that can help to reduce cart abandonment.

 

Vyne CEO, Karl MacGregor, said: “Existing payments and banking solutions are broken, and stacked against the merchants and consumers that use them. Payment methods come with a variety of settlement formats and can take anything from days to weeks to complete with customer conversions impacted by manual card data entry.

Vyne provides a new, alternative payment method for merchants and their customers and we’re delighted that more people will benefit from it through this partnership. CellPoint merchants will now experience instant fund settlement and their customers will be able to complete payments through their own banking apps in just a few taps with no card details needed. Merchants can also engage customers at the right time, through the right channels, using pay by link or QR codes, which can be sent via email, SMS, in app or used for in person sales.

“We look forward to working closely with CellPoint and empowering merchants with a level of payments functionality that can drive real, measurable growth.”

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